CRA charged taxpayer instalment interest before he received all his GIC income

2026-02-12 - 17:45

If you invest in a guaranteed investment certificate (GIC) outside of a registered plan such as a registered retirement savings plan (RRSP) or tax-free savings account (TFSA), many financial institutions will allow you to choose how often you receive your interest payments. For GICs with terms of one year or more, you can often elect to receive simple interest paid either monthly, semi-annually or annually. Alternatively, many GICs allow you to choose the compound interest option, which, while calculated annually, is only paid upon maturity. Read More